How Cloud Computing Services are Affecting Insurance Providers

You may still be adamantly against cloud computing services. Or, you may be suspicious of these “new” computing models. But you may already be using the cloud and reaping its business model in ways you don’t even realize. That’s because cloud-computing services have revolutionized the insurance industry, going beyond technology to the workflows we use and the clients we serve. This article will explore some of the latest cloud computing services and their impact on the typical small to mid-size insurance providers. Let’s take a look.

Cloud computing services, which use the Internet as the highway to reach the services you use every day, have been around for a decade. The model has stabilized, so that even the most stoic and traditional enterprises are now storing data, or using software applications via the cloud. Cloud computing services can include everything from hosting a virtual desktop to network security, to data storage.

Some of the fundamental benefits of cloud computing include:

Reduced costs to access these “as-a-service-models.” Insurance agents do not have the upfront hardware costs that used to be associated with maintaining a client base. All you need is a laptop or desktop and a Wi-Fi connection.

Scalability that allows you to access subscription-based services when you need them – or when you don’t. This allows your business to scale up when adding new employees, or reduce services as needed.

Faster implementation means you do not have to wait for the “IT guy” to install servers to your on-site network. You dial up and turn on. Cloud computing services are interoperable and intuitive. Most software focuses on “UX,” or the user experience, so they’re easy to deploy and fast to learn.

Access to tools and models that were previously not affordable for the small to the mid-size agency is the norm. Cloud computing models have democratized tools that are improving the efficiency of offices of all sizes – not just at the enterprise level.

The real benefit for the insurance industry and all other industries for that matter, is that cloud computing services expand your reach in ways that no one could have imagined a decade ago. Cloud computing services help businesses gain a competitive advantage in markets that are quickly changing and competitive. These services are helping to break the age-old traditions that have governed the insurance industry for decades.

Insurance companies are using cloud innovations to improve everything from client access to agency expense management, to marketing. The industry relies on the cloud for such things as improving processing power, deploying desktop publishing, filing online claims and much more. Through automation, many cloud-centric software models streamline processes, resulting in a savings of time and costs. Cloud computing services offer a secured platform that will protect client data from cyber theft while still supporting the integration of agency management systems with your basic office infrastructures.

Competition for new business in today’s markets requires new and more flexible models that incorporate the latest workflow and technology changes. The implementation of cloud computing services makes it possible for small insurance firms to compete with large firms.